SG Americas Securities LLC Sells 184,912 Shares of Cleveland-Cliffs Inc. $CLF

SG Americas Securities LLC lessened its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 20.3% in the first quarter, HoldingsChannel.com reports. The firm owned 728,040 shares of the mining company’s stock after selling 184,912 shares during the quarter. SG Americas Securities LLC’s holdings in Cleveland-Cliffs were worth $6,152,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC increased its position in shares of Cleveland-Cliffs by 281.9% during the third quarter. Barclays PLC now owns 2,308,271 shares of the mining company’s stock worth $28,161,000 after buying an additional 1,703,791 shares during the period. Phocas Financial Corp. lifted its holdings in Cleveland-Cliffs by 47.0% in the fourth quarter. Phocas Financial Corp. now owns 474,862 shares of the mining company’s stock valued at $6,306,000 after buying an additional 151,868 shares during the period. Contrarius Group Holdings Ltd acquired a new position in Cleveland-Cliffs in the third quarter valued at $10,932,000. Lighthouse Investment Partners LLC bought a new stake in Cleveland-Cliffs during the third quarter valued at $9,171,000. Finally, Neo Ivy Capital Management bought a new stake in Cleveland-Cliffs during the third quarter valued at $1,408,000. Institutional investors and hedge funds own 67.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CLF shares. Glj Research raised Cleveland-Cliffs from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $9.03 to $15.01 in a research report on Tuesday, June 9th. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Cleveland-Cliffs in a research report on Friday, May 1st. JPMorgan Chase & Co. lifted their target price on Cleveland-Cliffs from $9.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, June 10th. Morgan Stanley reissued an “equal weight” rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a research note on Monday, June 22nd. Finally, Barclays started coverage on Cleveland-Cliffs in a report on Thursday, May 21st. They set an “underweight” rating and a $9.00 price target on the stock. Nine research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $12.90.

Insider Buying and Selling

In other Cleveland-Cliffs news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $13.41, for a total transaction of $2,873,870.28. Following the transaction, the executive vice president owned 184,542 shares in the company, valued at approximately $2,474,708.22. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.95% of the company’s stock.

Cleveland-Cliffs Trading Down 0.1%

Shares of Cleveland-Cliffs stock opened at $9.94 on Monday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.64 and a current ratio of 2.02. Cleveland-Cliffs Inc. has a 52 week low of $7.01 and a 52 week high of $16.70. The stock has a 50 day moving average price of $11.52 and a two-hundred day moving average price of $11.51. The stock has a market capitalization of $5.67 billion, a PE ratio of -4.25 and a beta of 2.08.

Cleveland-Cliffs (NYSE:CLF) last issued its earnings results on Monday, April 20th. The mining company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.04. Cleveland-Cliffs had a negative return on equity of 15.48% and a negative net margin of 6.42%.The company had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.84 billion. During the same period in the prior year, the firm earned ($0.92) earnings per share. Cleveland-Cliffs’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities analysts anticipate that Cleveland-Cliffs Inc. will post -0.27 earnings per share for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.